GPC Biotech Reports Financial Results for Second Quarter and First Six Months of 2008 (Business...

Wednesday August 13, 1:35 am ET -- Cash, cash equivalents, marketable securities and short-term investments of EUR 44.6 million (approx. $67 million) as of June 30, 2008 -- Company confirms that existing cash position expected to support currently planned business operations until approximately the end of 2010 MARTINSRIED, Germany & MUNICH, Germany & PRINCETON, N.J.--(BUSINESS WIRE)--GPC Biotech AG (Frankfurt Stock Exchange: GPC; NASDAQ: GPCB) today reported financial results for the second quarter and first six months ended June 30, 2008. First six months of 2008 compared to first six months of 2007 Revenues decreased 57% to € 3.1 million for the six months ended June 30, 2008, compared to € 7.2 million for the same period in 2007. The decrease in revenues is due to decreased payments from Celgene Corporation relating to the... [read full story]